Despite significant global and local economic challenges, the Bank of Industry (BoI) has disbursed N496 billion to Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), creating two million jobs. This announcement was made at the Wednesday 64th Annual General Meeting held in Abuja.
Mallam Muhammed Bala, chairman of the Shareholders Committee, highlighted the bank’s impressive financial performance. “The bank’s profit before tax increased by 117.69%, rising from N70.7 billion to N153.81 billion, marking the highest profit in its history,” he stated.
Bala also emphasized the bank’s commitment to providing credit to businesses of all sizes. “BoI significantly increased its disbursements, advancing N496.717 billion to 75,809 beneficiaries. These efforts created approximately 2,198,953 direct and indirect jobs across the country.”
Increased Loans and Advances
The bank’s loans and advances notably increased 41.5%, reaching N1.14 trillion and N803.6 billion, respectively. This rise reflects BoI’s ongoing interventions and financial support to various enterprises. Bala attributed this growth to increased disbursements to support businesses across multiple sectors.
Looking ahead, Bala stated that the BoI will continue to align its strategies with President Tinubu’s Renewed Hope Agenda and the National Development Plan (2021-2025). “The Bank of Industry will sustain its support for Nigeria’s industrial growth through its medium-term corporate strategy for 2022-2024,” he added.
Managing Director Dr. Olasupo Olusi underscored the bank’s role in economic recovery and job creation. Through various disbursement lines and intervention programs, including the Smallholder Farmer Financing Product and the MSME Distributor Finance Programme, BoI has empowered numerous Nigerian enterprises to operate sustainably.
In summary, the BoI’s substantial financial disbursements and strategic initiatives have significantly contributed to job creation and economic resilience in Nigeria, highlighting its critical role in supporting MSMEs.
